American stores are running out of things. Container costs are going through the roof. Supply chains are strained and are breaking down. American companies cannot find workers. The shortage of everything is likely to lead to a tough Christmas season for retailers and consumers. (The Atlantic)

Chamath Palihapitiya, the founder of Social Capital LP talks to Barry Ritholtz about his investing strategy, his love for SPACs, and venture capital investing. (Bloomberg)

136 countries agreed to a deal that will ensure that companies pay at least 15% corporate tax. For decades, companies have moved to low-tax countries to avoid taxes in their home countries. This deal will end the tax-based competition between countries to attract foreign investment. It usually takes many years for countries to implement international tax deals. (Reuters)

BlackRock  wants to encourage real shareholder democracy for the big institutional investors of its index funds by allowing them to vote at company meetings. This will allow big institutions to vote on executive pay, ESG proposals, and other hot-button issues. (Reuters)

Volvo, owned by Zhejiang Geely Holding Group Co. of China is returning to the public markets at a valuation of $25 billion. The shares are expected to be listed on the Stockholm stock exchange. (WSJ)

One thing is certain if you are saving money for your kids’ college expenses in a 529 account. You are either overfunding it or underfunding it. There is no way to know until your kids go to college and you know the actual expenses. College tuition varies widely and most costs are just “averages” that may not apply to your situation. (Humble Dollar)

Rich people use trusts to pass on wealth to the next generation without paying estate taxes. If the investments in Grantor Retained Annuity Trust (GRAT) goes up in value, that increase goes the heirs without being subject to estate tax. (ProPublica)

The oil and gas sector is one of the best performing sectors of the market this year. Energy stocks have returned 54% this year. Rising demand, supply disruptions, and economic growth have led to increasing oil and gas prices. WTI prices are the highest since 2014. (Marketwatch)

Former Pepsi CEO Indra Nooyi says explained why she has never asked for a raise. Immigrant fear and the belief that if you did a good job, you will reap the rewards prevented her from asking for a raise. (Fortune)

Disney will charge its guests as much as $15 per ride to skip the line. Disney has been looking for ways to reduce crowding at its popular rides. Reaction from Disney fans has been negative but the company has been offering the pay-to-skip-the-line option at its resorts in Shanghai and Paris. (Detroit News)

Copyright holders have a lot of control over their video content. So it’s not surprising that old content is disappearing from streaming platforms like Netflix. Netflix catalog is one-tenth of the size it was fifteen years ago. While the law allowed Netflix to continue renting the DVD forever without renegotiating contracts, streaming has provided copyright holders more control over content than it did with DVDs. That has led to fewer choices for consumers. (Fullstackeconomics)

The SEC has once again punted its decision on allowing bitcoin ETFs. The decision is now likely to come in November or December 2021. (The Block Crytpo)

Dial back at work. Putting in more hours at work doesn’t improve results. Focus on the 20% of the things that deliver 80% of the work. Ask what an 85-year old self would have done at the current stage of your life. (HBR)

The highest form of wealth is your ability to control your time. A rich CEO may have a big bank account but he or she doesn’t have time. Trying to acquire more money than you need is just an accounting hobby. It doesn’t make you wealthy. (Collaborative Fund)

Google’s Larry Page, who has only been in public a few times in the past year, has been living in Fiji during the pandemic. Though Fiji’s border is closed to traditional travelers, Fiji has welcomed wealthy visitors like Page. With an estimated net worth of $115 billion, he controls Google with its other founder, Sergey Brin. Page helped Fiji get critical medical supplies. (Daily Mail)

Chinese education stocks took a big hit on the news that China has asked education and tutoring companies to become nonprofits. The Chinese government wants to reduce the cost burden on parents. The government is also set to announce trial bans on tutoring during the summer and winter holidays. Chinese education stocks such as EDU, TAL, and GOTU were down more than 50%.  Many of these stocks are down more than 80%  year-to-date. (Reuters)

Mayors of more than 50 cities are testing a pilot program that would hand out cash to its citizens every month – no strings attached. Mayors want to determine if these programs can reduce poverty, reduce inequality and encourage people to work. (Reuters)

Since last summer, used car prices are up 45%. It’s messing up not just the used car market but also overall inflation. Used car prices accounted for 33% of all price inflation in the US. A semiconductor shortage has led to a shortage of new cars, which has driven up used car prices. (The Hustle)

The digital yuan is ready to challenge the mighty dollar. The digital currency will help China export its digital authoritarianism to the rest of the world. (CNBC)

Investment banks are doing everything they can to get bankers back in the office. They are also asking their law firms to do the same. (Bloomberg Law)

Worm Capital’s Arne Alsin is betting against old-world companies such as GM and Exxon. He believes these companies are not “pivoting” as fast as they should. Exxon shares are up more than 40% this year. (Institutional Investor)

Studying failure makes you a better investor. It helps you look for red flags while researching companies. In the book, Lights Out – Pride, Delusion and the Fall of General Electric, Ted Mann and Thomas Gryta look at how the big conglomerate failed. GE consistently beat earnings estimates and kept its earnings on a “smooth trajectory” by managing its earnings. The SEC would question later GE’s accounting practices and said the company routinely lied to investors in its regulatory filings and public statements. Jeff Immelt, the company’s CEO, felt that the market was not rewarding GE and was obsessed with its stock price. The company also ventured big into the cyclical oil business at the wrong time. The book is an easy read and has a lot of lessons for investors. (Masterinvest)

Endowment effect – we value something more when we own it. That goes for everything, including stocks. Momentum investors tend to extrapolate current positive or negative news and expect it to continue in the future. Unless you are a day trader, you are better off checking the news on your stocks less often. Reading quarterly reports should suffice for most long-term investors. (Klement on Investing)